Growth in India’s net direct tax collections slowed down marginally over the past month to touch 15.88% by January 12, from a 16.5% uptick as of December 17. Image for representative purposes only
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Growth in India’s net direct tax collections slowed marginally over the past month to touch 15.88% by January 12, from a 16.5% uptick as of December 17, with gross receipts also tapering slightly from 20.3% a month ago to 19.94%.

Data shared by the Central Board of Direct Taxes on Monday showed gross tax receipts stood at ₹20.64 lakh crore, with corporate taxes accounting for 47.07% of the receipts and non-corporate taxes yielding over 50.6% of the collections.

After accounting for refunds which were 42.5% higher than January 12, 2024 at ₹3.74 lakh crore, net direct tax collections stood just short of ₹16.9 lakh crore. Within this kitty, corporate taxes had an even smaller share of 45.45% or ₹7.68 lakh crore, while non-corporate taxes delivered 51.7% of the pie at a little over ₹8.74 lakh crore. Net direct taxes from corporates were up just 8.12% over last year, while they had risen 21.6% from non-corporate sources. A month ago, net corporate tax receipts were up 8.6% at close to ₹7.43 lakh crore, while net collections from non-corporate taxes had grown 22.5% to ₹7.97 lakh crore.

STT receipts

Receipts from the Securities Transaction Tax (STT) also reported a slower growth of 75.24% as of January 12, compared to a sharper 85.5% surge as of December 17, 2024, indicating some tapering in stock market volumes as equity valuations came under pressure. 

STT receipts stood at ₹44,538 crore, relative to ₹40,100 crore a month ago and ₹25,415 crore a year ago.

In 2023-24, net direct tax revenues had risen 17.7% to ₹19.58 lakh crore, with the share of Personal Income Tax (PIT) rising to 53.3% from 50.06% in the previous year.